Equity benchmark indices hit their new record high levels in early trade today but failed to hold on to the gains and were later trading lower tracking weak trends from global markets.

The Sensex at the Bombay Stock Exchange hit its new all-time high of 81,588 in the initial trade but failed to carry forward the winning momentum and declined 167 points to 81,177 level. The Nifty at the National Stock Exchange also dropped 73 points to 24,728 after hitting its fresh record peak of 24,855 during the opening bell.

The rupee was trading in a narrow range against the US dollar in early trade today. The local unit touched an early high of 83 rupees and 62 paise and a low of 83 rupees and 65 paise against the American currency.